27th Apr 2005 15:47
Legal & General Group PLC27 April 2005 Annual General Meeting 27 April 2005 Legal & General Group Plc held its Annual General Meeting today at theInstitution of Electrical Engineers, Savoy Place, London WC2R OBL. Rob Margetts, Chairman, addressed the meeting. His speech covered a number ofissues including the need for additional savings; the Financial Services andMarkets Tribunal and planning for the succession of the Group Chief Executive.The Chairman's speech together with that of the Group Chief Executive and theaccompanying slides will be available within the next twenty four hours at http://investor.legalandgeneral.com/agm.cfm Looking at the UK savings market, the Chairman expressed his concern at theinadequate level of saving and in particular of long term saving for pensions inthis country. He urged the political parties to give the issue a much higherpriority in the election campaign and he specifically commended Legal &General's proposal that employers be required to match the pension savings oftheir employees up to a certain minimum percentage of salary. The Chairman commented that the Tribunal had its last hearing day on 26 Apriland that its final judgement is expected to be published within the next twoweeks. He welcomed the FSA's decision to establish a review of its enforcementprocess, including consideration of "options for a fair procedure under whichregulatory decisions are made by people separate from the investigators." On the process of appointing a successor to David Prosser as Group ChiefExecutive, the Chairman said to shareholders "This is a matter which the Boardis treating with the utmost seriousness. As I am sure you will agree, we have apool of excellent managers within our business from which to select the newChief Executive but we have thought it right also to look outside the company,so that when we make our decision we will know that we will have looked at thevery best people available. I am sure you would expect us to do this. We haveretained the services of a leading executive search firm with particularexpertise in this type of appointment and with a knowledge of Legal & General.The process of meetings, interviews and deliberations is underway. There will befurther discussion over the coming weeks and I am confident that we will be in aposition to announce our choice in the course of the summer, leaving ample timefor a proper handover of responsibilities." All the resolutions put to the Annual General Meeting were today passed withoverwhelming majorities. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Legal & General